Can you repay your payday loan early? | finder.com

Can you repay your short term loan early?

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Find short term lenders that will let you repay your loan early and save.

If you know you’ll be in a position to repay your short term loan off ahead of schedule, great! Repaying early can save you money in fees and make your budget easier to manage. Not all lenders have the same rules in place when it comes to repaying your loan early, so if you’re planning to do so, it’s important to ask ahead of time if there are any restrictions on early pay-off.

What to look for when comparing short term loan lenders

If you know ahead of time that you’ll be able to pay back the loan quicker than the term offered, you’ll want to check to see if you will be able to pay off, or settle, the loan amount early without penalties. If it isn’t immediately apparent when looking over loan terms, be sure to contact the lender and ask specifically. Always double-check the contract before you sign/agree to the terms.
How short term loans work

What you need to do to repay your loan early

When you’re ready to repay your short term loan ahead of schedule, make sure you do the following:

  • Check your loan contract

Your loan contract will establish any fees or penalties you might have to pay as well as any stipulations regarding early repayment of your loan. It’s best to be aware of these before you get in touch with your lender.

  • Contact your lender

The contact information for your lender will be listed on any correspondence, as well as on the lender’s site. You can usually contact lenders by email or phone, and some also offer online chat.

Ask how you are able to repay your loan early, what fees apply and if any savings or discounts are available. You should also ask how quickly you can settle the loan, because the more quickly it can be settled the more you can save.

  • Pay out your loan

Follow the instructions given to you by the lender to ensure the loan is paid out correctly. After you pay the loan out, make sure you can see the account is closed to avoid mistaken charges.

A selection of loans you can apply for

Here are some loan providers that you can apply to. Note that the max loan amount is based on the lender’s max amount and your state of residence.

Rates last updated June 24th, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
Check into Cash Payday Loan
With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
$1,000
1–2 business days
You must be at least 21 and an American citizen and have a bank account, email address and phone number.
LendUp Payday Loans
LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
$250
generally receive the money the next business day
Be 18+ years of age and have a checking account that can accept electronic transfers.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
ACE Cash Express Payday Loans
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
Varies by state
Generally receive the money the next business day
Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
LoanByPhone Payday and Installment Loans
This mobile lender offers convenient cash loans. Apply online or by phone.
$3,000
1–2 business days
Must be 21 years old and have a Social Security number, a regular source of income, a valid email address, an active checking account and a phone number.
BadCreditLoans.com
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$5,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.

Compare up to 4 providers

A selection of lender connection services you can apply with

These lender connection services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. They focus on trying to connect you with a lender that might be able to provide you the funds you seek. Note that the max loan amount is based on the providers’ max amount, but it will vary based on your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.

Rates last updated June 24th, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
BadCreditLoans.com
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$5,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
LendYou Payday Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
CashAdvance.com Payday Loans
Whether for emergencies or unexpected expenses, this provider may be able to connect you among its nationwide network of lenders.
$1,000
1–2 business days
You must be at least 18 years old with take-home monthly income of at least $1,000 after taxes.
TriangleCash Payday Loans
If you have bad credit or no credit history, apply to be connected to a network of lenders for funding at rates that vary by state.
$1,000
As soon as next business day
You must be a US citizen, at least 18 years old, and have a valid bank account.
SWIFT Payday Loan
Access multiple lenders with a 5-minute application for a cash advance on your paycheck.
$1,200
Next business day
Must be at least 18 years old and employed or have regular income.

Compare up to 4 providers

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US Payday Loans Offers

Important Information*
Slam Dunk Loans

Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

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